Will Bitcoin Reach $100,000 in 2024?
At the start of 2024, a price target of $100,000 for Bitcoin (CRYPTO: BTC) looked like a no-brainer. Bitcoin had just rallied more than 150% to a price of $45,000. Wall Street had finally embraced Bitcoin as an asset class, and the imminent arrival of new spot Bitcoin ETFs promised to unlock a torrent of new investor money into Bitcoin.
The problem, however, is that the whole Bitcoin ETF investment thesis hasn't panned out as expected. In fact, Bitcoin is actually down nearly 10% since the spot Bitcoin ETFs started trading on Jan. 11. But don't worry -- the Bitcoin ETF investment thesis continues to evolve, and Bitcoin has one more major catalyst coming this year. Combined, could they be the rocket fuel needed to send Bitcoin skyrocketing?
The frustrating part about the original Bitcoin ETF investment thesis is that the price of Bitcoin didn't immediately surge in January. While the new Bitcoin ETFs appear to be an early success, all the new buying by Wall Street investors hasn't pushed up the price of Bitcoin. If anything, it looks like investors just moved money around from one Bitcoin investment product to another Bitcoin investment product, with little or no real change to their overall Bitcoin exposure.
Source Fool.com
